HYPERION ECONOMIC JOURNAL

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• Cristina Gabriela VASCIUC (SĂNDULESCU), PhD, Researcher, Affiliation: Valahia University of Targoviste, Romania;
• Florin RADU, PhD, Professor, Affiliation: Valahia University of Targoviste, Romania;

Economic and financial crime is a distinct area of illegal activities involving prohibited financial practices. This form of crime can cause significant damage, not only undermining the credibility of companies and institutions, but also contributing to bankruptcies and job losses. In developed countries, the impact of these crimes can be managed more effectively due to the size of their economies and their ability to implement adequate regulations. In contrast, in developing countries, the long-term consequences for sustainable development and associated costs are significantly greater, due to weaker regulations and limited government capacity. Combating this global threat is a central concern for economic decision makers worldwide. Economic and financial crime is an integral part of what is called "transnational organized crime", and fighting it involves efforts similar to those made in the fight against terrorism. It is a type of criminality that crosses cultural, social, linguistic and geographical boundaries, regardless of boundaries or rules. Tax Fraud and Evasion, Customs Fraud, Currency Trafficking, Drug Trafficking, Migrant Trafficking, Human Trafficking, Money Laundering, Firearms Trafficking, Counterfeiting, Wildlife Trafficking, Protected Species Trafficking, Cultural Property Trafficking and Certain aspects of cybercrime are all activities that fall within the scope of transnational organized crime. The objective of this article is to analyze and highlight the effects that economic and financial crime has on the economy.

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